<p>甘肅銀行和江西銀行最新的年度業績顯示，由於高額的定期存款利息支付和貸款收益下降，它們的利潤空間正在受到壓縮。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/01051857/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_1-4-2026_131655_thebambooworks.com_-1024x728.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/01051857/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_1-4-2026_131655_thebambooworks.com_-1024x728.jpeg"/></p>
<p><em>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>甘肅銀行和江西銀行的淨利差正在急劇收窄，因為它們面臨降低貸款利率的壓力，但仍被高成本的定期存款所困擾。</li>
<li>它們日益無法產生利潤，這意味着可能需要來自國有控股股東的資本支持，這很可能會稀釋其他股東的權益。</li>
</ul>
<p><strong>甘肅銀行有限公司</strong>（2139.HK）和 <strong>江西銀行有限公司</strong>（1916.HK）最新的年度業績——這兩家區域性銀行紮根於中國兩個欠發達省份——描繪了中國金融行業這一角落的嚴峻形勢。</p>
<p>像這對小型區域銀行在中國貸款機構普遍面臨的利潤壓縮中遭受的打擊最為嚴重。由於經濟放緩，貸款需求疲軟，而中央銀行的低利率環境則壓制了貸款收益。同時，這些小型銀行在降低存款高成本方面也面臨困難。隨着盈利能力受到越來越大的壓力，來自國有股東的外部資本支持顯得愈發必要。這將進一步削弱已經看到其股份價值縮水的私人投資者。</p>
<p>讓我們先從甘肅銀行開始，該行位於中國相對貧困的西北地區。根據 其報告，該行的新增貸款不僅在去年縮減，而且其淨利差（NIM）也從 2024 年的 1.18% 降至 1.09%，而在 2021 年時曾高達 1.65%。因此，其主要收入來源的淨利息收入下降了 4.8%，降至 44 億元人民幣（6.37 億美元）。江西銀行雖然成功增加了新增貸款，但其淨利差卻進一步收窄，下降超過 0.20 個百分點，降至 1.41%，淨利息收入幾乎下降了 10%，降至 77 億元人民幣，根據 其報告。</p>
<p>這兩家銀行在結構上比大型國有銀行或富裕省份的區域銀行更容易受到利潤壓力的影響。</p>
<p>與那些受益於大型企業客户和高頻交易流動所產生的低成本活期存款的同行不同，江西銀行和甘肅銀行在很大程度上依賴於利率更高的定期存款。這種資金結構是一個昂貴的差異，且難以逃脱。</p>
<p>這可能是因為它們的大部分零售客户都是風險厭惡型個人，他們更傾向於在有限的資金訪問權下選擇固定利率的確定性，而不是將資金存放在幾乎零收益的活期賬户中所帶來的更大靈活性。同時，這些銀行的企業客户——主要是小型企業和地方政府融資平台——要麼在低利率或無利率的活期賬户中保持最低餘額，要麼試圖為這些存款獲得高利率。</p>
<p>對於江西銀行而言，零售定期存款的平均利率為 2.61%，幾乎佔其零售存款基礎的 90%，而零售存款又佔其總存款的一半多。相比之下，該行對活期存款的利率僅為 0.06%。甘肅銀行的情況類似，甚至更依賴於零售存款。</p>
<p>與活期存款相比，定期存款確實為銀行提供了一些好處。最顯著的是，前者為銀行的流動性提供了穩定性。但當貸款收益如今天在中國所經歷的那樣下降時，它們會對盈利能力造成嚴重拖累。甘肅銀行面臨更大的困擾，因為它在經濟放緩的情況下難以發放新貸款，借款人越來越無法償還債務。其貸款與存款的比率去年降至僅 66% 以上，這意味着其存款中有相當一部分處於閒置狀態，給銀行帶來了成本而沒有產生回報。</p>
<h4><strong>緩衝侵蝕</strong></h4>
<p>為了抵禦這些逆風，甘肅銀行和江西銀行正在採取一些看起來不太明智的措施——減少其貸款損失的緩衝。</p>
<p>江西銀行去年將其信用損失準備金削減了約 15%。這幫助其將淨利潤的下降限制在 4%，相比之下，其營業收入下降了 22%，這是一個不錯的結果。貸款損失準備金的減少可能表明該行管理層對其資產質量變得更加自信，其不良貸款（NPL）比率從 2024 年的 2.15% 降至去年的 2.00%。但懷疑者可能會認為這是不明智的操控，以支撐其利潤。</p>
<p>儘管江西銀行的不良貸款減少，但仍高於大型商業銀行的平均水平。同時，其準備金與不良債務的比率約為 160%，低於 200% 以上的行業標準。這意味着江西銀行在任何可能因違約潮引發的重大危機面前，運營的緩衝更薄弱。</p>
<p>甘肅銀行的緩衝更弱，去年底其貸款損失準備金降至不良貸款的約 131%，比一年前低了 3 個百分點。藉助這一手段，其淨利潤去年實際上增長了 1%，儘管營業收入下降了 9%。</p>
<p>該銀行的不良貸款比例在去年保持在 1.93% 的水平，但它還將大量不良資產出售給了一家屬於其大股東的資產管理公司。這種清理工作——基本上是將不良資產從上市公司轉移到未上市的關聯公司——提醒我們，中國銀行，尤其是小型銀行的頭條數字往往需要一些審查。</p>
<p>現在，這兩家銀行面臨的最大挑戰是其資本緩衝的侵蝕。實際上，它們無法產生足夠的資本來支持業務增長。特別是，江西銀行的普通股一級資本比率在 12 月底降至 9% 以下，危險地接近監管最低要求。</p>
<p>如果它們的資本惡化持續下去，這些貸款機構將別無選擇，只能向其控股股東，通常是地方政府實體，尋求新的注資以換取新股。這將以稀釋的形式對其他股東造成成本。</p>
<p>因此，這兩家銀行的股票在投資者中失寵，過去五年中價值損失近 80% 也就不足為奇了。甘肅銀行的股票交易價格與賬面價值比（P/B）僅為 0.11，而江西銀行更糟，僅為 0.08。這基本上意味着每 1 美元的股本，投資者願意支付的僅約 10 美分，這表明他們對其資產的真實價值極為懷疑，並認為不良貸款最終將侵蝕其賬面價值。</p>
<p>中國許多大型銀行的這一數字也低於 1，例如 <strong>工商銀行</strong>（1398.HK；601398.SH）在香港上市的股票為 0.47，反映出投資者對這一羣體在當前疲弱經濟環境中的擔憂。但如果大型銀行的日子艱難，那麼小型銀行的處境看起來就更加悲慘，尤其是在中國欠發達地區。</p>
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甘肅銀行

江西銀行

<p>甘肅銀行和江西銀行的年度業績顯示，由於定期存款的高利息支出和貸款收益的下降，利潤率顯著壓縮。兩家銀行在盈利能力方面面臨困境，可能需要國有股東的資本支持，這可能會稀釋私人投資者的股份。甘肅銀行的淨利差降至 1.09%，而江西銀行的淨利差縮小至 1.41%。它們對高成本定期存款的依賴以及在經濟放緩中貸款需求疲軟，加劇了其財務挑戰，導致抵禦貸款損失的緩衝能力下降</p>

<p><em>The latest annual results from Bank of Gansu and Jiangxi Bank show their margins are getting compressed by high interest payments on their time deposits and falling loan yields</em></p>
<div class="lb-trans"><p>甘肅銀行和江西銀行最新的年度業績顯示，由於高額的定期存款利息支付和貸款收益下降，它們的利潤空間正在受到壓縮。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/01051857/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_1-4-2026_131655_thebambooworks.com_-1024x728.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/04/01051857/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_1-4-2026_131655_thebambooworks.com_-1024x728.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</strong></h4>
</div><ul>
<li>Bank of Gansu and Jiangxi Bank are seeing their net interest margins compress sharply as they get pressured to lower loan interest rates but remain stuck with costly time deposits</li>
<li>Their growing inability to generate profits means they may need capital support from their state-owned controlling shareholders, most likely diluting other shareholders</li>
</ul>
<div class="lb-trans"><ul>
<li>甘肅銀行和江西銀行的淨利差正在急劇收窄，因為它們面臨降低貸款利率的壓力，但仍被高成本的定期存款所困擾。</li>
<li>它們日益無法產生利潤，這意味着可能需要來自國有控股股東的資本支持，這很可能會稀釋其他股東的權益。</li>
</ul>
</div><p>The latest annual results from <strong>Bank of Gansu Co. Ltd.</strong> (2139.HK) and <strong>Jiangxi Bank Co. Ltd.</strong> (1916.HK) — regional lenders anchored in two of China's less developed provinces — paint a bleak picture of this corner of the Chinese financial sector.</p>
<div class="lb-trans"><p><strong>甘肅銀行有限公司</strong>（2139.HK）和 <strong>江西銀行有限公司</strong>（1916.HK）最新的年度業績——這兩家區域性銀行紮根於中國兩個欠發達省份——描繪了中國金融行業這一角落的嚴峻形勢。</p>
</div><p>Small regional banks like this pair are suffering the most in an industry-wide margin squeeze afflicting Chinese lenders. Loan demand is weak in a slowing economy, and the central bank's low interest rate environment is crushing loan yields. At the same time, these smaller banks are struggling to reduce high costs for deposits. As their profitability comes under growing pressure, external capital support from their state-owned shareholders increasingly looks necessary. That would further undermine long-suffering private investors who have already seen the value of their shares shrivel.</p>
<div class="lb-trans"><p>像這對小型區域銀行在中國貸款機構普遍面臨的利潤壓縮中遭受的打擊最為嚴重。由於經濟放緩，貸款需求疲軟，而中央銀行的低利率環境則壓制了貸款收益。同時，這些小型銀行在降低存款高成本方面也面臨困難。隨着盈利能力受到越來越大的壓力，來自國有股東的外部資本支持顯得愈發必要。這將進一步削弱已經看到其股份價值縮水的私人投資者。</p>
</div><p>Let's start with Bank of Gansu, based in the country's less affluent Northwest. Not only did the bank's new lending shrink last year, but its net interest margin (NIM) also dropped to 1.09% from 1.18% in 2024, and 1.65% as recently as 2021, according to its report. As a result, net interest income, its primary revenue source, dropped 4.8% to 4.4 billion yuan ($637 million). Jiangxi Bank managed to boost its new lending, but its NIM narrowed even more, by more than 0.20 percentage points, to 1.41%, driving down its net interest income by nearly 10% to 7.7 billion yuan, according to its report.</p>
<div class="lb-trans"><p>讓我們先從甘肅銀行開始，該行位於中國相對貧困的西北地區。根據 其報告，該行的新增貸款不僅在去年縮減，而且其淨利差（NIM）也從 2024 年的 1.18% 降至 1.09%，而在 2021 年時曾高達 1.65%。因此，其主要收入來源的淨利息收入下降了 4.8%，降至 44 億元人民幣（6.37 億美元）。江西銀行雖然成功增加了新增貸款，但其淨利差卻進一步收窄，下降超過 0.20 個百分點，降至 1.41%，淨利息收入幾乎下降了 10%，降至 77 億元人民幣，根據 其報告。</p>
</div><p>The two banks are structurally more susceptible to margin pressure than big state-owned national lenders or regional banks in wealthier provinces.</p>
<div class="lb-trans"><p>這兩家銀行在結構上比大型國有銀行或富裕省份的區域銀行更容易受到利潤壓力的影響。</p>
</div><p>Unlike those peers that benefit from deep pools of low-cost demand deposits generated by big corporate customers and high-velocity transaction flows, Jiangxi Bank and Bank of Gansu rely heavily on time deposits that carry much higher interest rates. That funding structure is a costly difference and one that's difficult to escape.</p>
<div class="lb-trans"><p>與那些受益於大型企業客户和高頻交易流動所產生的低成本活期存款的同行不同，江西銀行和甘肅銀行在很大程度上依賴於利率更高的定期存款。這種資金結構是一個昂貴的差異，且難以逃脱。</p>
</div><p>That's likely because large proportions of their retail customers are risk-averse individuals who prefer the certainty of fixed interest rates in exchange for limited access to their funds, over greater flexibility that comes with keeping money in near-zero-yield on-demand accounts. Meanwhile, these banks' corporate clients — mostly small enterprises and local government financing vehicles — either keep minimal balances in their low- or no-interest on-demand accounts, or try to get high rates for those deposits.</p>
<div class="lb-trans"><p>這可能是因為它們的大部分零售客户都是風險厭惡型個人，他們更傾向於在有限的資金訪問權下選擇固定利率的確定性，而不是將資金存放在幾乎零收益的活期賬户中所帶來的更大靈活性。同時，這些銀行的企業客户——主要是小型企業和地方政府融資平台——要麼在低利率或無利率的活期賬户中保持最低餘額，要麼試圖為這些存款獲得高利率。</p>
</div><p>For Jiangxi Bank, retail time deposits, which carry an average interest rate of 2.61%, account for almost 90% of its retail deposit base, which make up a little more than half of its total deposits. By comparison, the bank pays a far lower 0.06% for demand deposits. The story is similar for Bank of Gansu, which is even more reliant on retail depositors.</p>
<div class="lb-trans"><p>對於江西銀行而言，零售定期存款的平均利率為 2.61%，幾乎佔其零售存款基礎的 90%，而零售存款又佔其總存款的一半多。相比之下，該行對活期存款的利率僅為 0.06%。甘肅銀行的情況類似，甚至更依賴於零售存款。</p>
</div><p>Term deposits do offer some benefits for banks compared with demand deposits. Most notably, the former provide stability for a bank's liquidity. But they become a severe drag on profitability when loan yields decline as they have been in China these days. Bank of Gansu is facing a bigger headache as it struggles to make new loans in a slowing economy where borrowers are increasingly unable to repay their debt. The ratio of its loans to its deposits fell to just a little over 66% last year, meaning a significant share of its deposits is sitting idle, costing the bank money without generating returns.</p>
<div class="lb-trans"><p>與活期存款相比，定期存款確實為銀行提供了一些好處。最顯著的是，前者為銀行的流動性提供了穩定性。但當貸款收益如今天在中國所經歷的那樣下降時，它們會對盈利能力造成嚴重拖累。甘肅銀行面臨更大的困擾，因為它在經濟放緩的情況下難以發放新貸款，借款人越來越無法償還債務。其貸款與存款的比率去年降至僅 66% 以上，這意味着其存款中有相當一部分處於閒置狀態，給銀行帶來了成本而沒有產生回報。</p>
</div><h4><strong>Buffer erosion</strong></h4>
<div class="lb-trans"><h4><strong>緩衝侵蝕</strong></h4>
</div><p>In an apparent effort to defend their bottom lines against these headwinds, Bank of Gansu and Jiangxi Bank are doing something that doesn't look so prudent — reducing their buffers against loan losses.</p>
<div class="lb-trans"><p>為了抵禦這些逆風，甘肅銀行和江西銀行正在採取一些看起來不太明智的措施——減少其貸款損失的緩衝。</p>
</div><p>Jiangxi Bank cut its provisions for credit losses by about 15% last year. This helped it limit the decline in its net profit to 4% last year, a good outcome compared to a 22% plunge in its operating income. The decrease in loan-loss provisions may suggest that the bank's management has become more confident about its asset quality, with its nonperforming loan (NPL) ratio falling to 2.00% last year from 2.15% in 2024. But skeptics might see this as imprudent maneuvering to prop up its profits.</p>
<div class="lb-trans"><p>江西銀行去年將其信用損失準備金削減了約 15%。這幫助其將淨利潤的下降限制在 4%，相比之下，其營業收入下降了 22%，這是一個不錯的結果。貸款損失準備金的減少可能表明該行管理層對其資產質量變得更加自信，其不良貸款（NPL）比率從 2024 年的 2.15% 降至去年的 2.00%。但懷疑者可能會認為這是不明智的操控，以支撐其利潤。</p>
</div><p>And even though Jiangxi Bank's NPL fell, it's still higher than the average for large commercial banks. Meanwhile, the ratio of its provisions relative to bad debt, at about 160%, is lower than the 200%-plus industry norm. That means Jiangxi Bank operates on a thinner cushion against any major crisis that could be triggered by a wave of defaults.</p>
<div class="lb-trans"><p>儘管江西銀行的不良貸款減少，但仍高於大型商業銀行的平均水平。同時，其準備金與不良債務的比率約為 160%，低於 200% 以上的行業標準。這意味着江西銀行在任何可能因違約潮引發的重大危機面前，運營的緩衝更薄弱。</p>
</div><p>Bank of Gansu has an even weaker buffer, which eroded further after it cut its loan-loss provisions to about 131% of NPLs at the end of last year, a good 3 percentage points lower than a year earlier. Helped by this trick, its net profit actually grew 1% last year despite a 9% fall in its operating income.</p>
<div class="lb-trans"><p>甘肅銀行的緩衝更弱，去年底其貸款損失準備金降至不良貸款的約 131%，比一年前低了 3 個百分點。藉助這一手段，其淨利潤去年實際上增長了 1%，儘管營業收入下降了 9%。</p>
</div><p>The bank's bad loan ratio held steady at 1.93% last year, but it also sold a large chunk of its bad assets to an asset management company that is a subsidiary of one of its large shareholders. That kind of clean-up – basically shifting bad assets from a listed company to an unlisted related company – is an important reminder that headline numbers of Chinese banks, especially small ones, often require some scrutiny.</p>
<div class="lb-trans"><p>該銀行的不良貸款比例在去年保持在 1.93% 的水平，但它還將大量不良資產出售給了一家屬於其大股東的資產管理公司。這種清理工作——基本上是將不良資產從上市公司轉移到未上市的關聯公司——提醒我們，中國銀行，尤其是小型銀行的頭條數字往往需要一些審查。</p>
</div><p>Now, the biggest challenge for the two banks is the erosion of their capital buffers. In effect, they can't generate sufficient capital to cover their business growth. Particularly, Jiangxi Bank's Common Equity Tier 1 (CET1) capital ratio fell below 9% as of the end of December, dangerously close to the regulatory minimum requirement.</p>
<div class="lb-trans"><p>現在，這兩家銀行面臨的最大挑戰是其資本緩衝的侵蝕。實際上，它們無法產生足夠的資本來支持業務增長。特別是，江西銀行的普通股一級資本比率在 12 月底降至 9% 以下，危險地接近監管最低要求。</p>
</div><p>If their capital deterioration continues, these lenders will have little choice but to ask their controlling shareholders, usually regional government entities, for fresh injections in exchange for new shares. That would cost other shareholders in the form of dilution.</p>
<div class="lb-trans"><p>如果它們的資本惡化持續下去，這些貸款機構將別無選擇，只能向其控股股東，通常是地方政府實體，尋求新的注資以換取新股。這將以稀釋的形式對其他股東造成成本。</p>
</div><p>So, it's no wonder these two banks' shares have fallen out of favor with investors, losing close to 80% of their value in the past five years. Bank of Gansu shares trade at a paltry price-to-book (P/B) ratio of 0.11 and Jiangxi Bank is even worse at 0.08. This basically means for every $1 of equity on their balance sheets, investors are willing to pay only around 10 cents, suggesting that they are extremely skeptical about the true values of their assets and believe NPLs will eventually erode their book values.</p>
<div class="lb-trans"><p>因此，這兩家銀行的股票在投資者中失寵，過去五年中價值損失近 80% 也就不足為奇了。甘肅銀行的股票交易價格與賬面價值比（P/B）僅為 0.11，而江西銀行更糟，僅為 0.08。這基本上意味着每 1 美元的股本，投資者願意支付的僅約 10 美分，這表明他們對其資產的真實價值極為懷疑，並認為不良貸款最終將侵蝕其賬面價值。</p>
</div><p>The figure for many large banks in China is also below 1, such as the 0.47 for <strong>ICBC's</strong> (1398.HK; 601398.SH) Hong Kong-listed shares, reflecting investor concerns about this group in the current weak economic climate. But if life is hard for big banks, it looks even more miserable for smaller ones, especially in China's less developed regions.</p>
<div class="lb-trans"><p>中國許多大型銀行的這一數字也低於 1，例如 <strong>工商銀行</strong>（1398.HK；601398.SH）在香港上市的股票為 0.47，反映出投資者對這一羣體在當前疲弱經濟環境中的擔憂。但如果大型銀行的日子艱難，那麼小型銀行的處境看起來就更加悲慘，尤其是在中國欠發達地區。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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財富差距：中國較貧困地區的銀行承受利潤壓縮的主要壓力